Aston Martin secures £1.15bn refinancing

Warwickshire’s Aston Martin Lagonda has successfully undertaken a £1.15 billion refinancing exercise which it says will further strengthen the company’s financial position and support its long-term growth.

Existing lenders have also entered into a new super senior revolving credit facility agreement, increasing their binding commitments by around £70 million to £170 million. This new undrawn facility provides the company with additional liquidity as it continues to accelerate its growth strategy.

Lawrence Stroll, Executive Chairman of Aston Martin, commented: “Having reinvigorated our iconic brand and product portfolio, the successful pricing of this planned refinancing marks another significant step in transforming our balance sheet and aligning Aston Martin for a positive financial future.

“The strong demand from the global credit markets for our new five-year US dollar and pound sterling notes outlines continued confidence in our business strategy, while the simultaneous upgrade from leading credit agencies, represents the progress we’ve made to improve our balance sheet with the support of long-term strategic shareholders.

“With Aston Martin’s long-term financing now secured, we can focus on the continued execution of our brand and product strategy which will underpin the attainment of our near and medium-term financial targets.”

Source: https://thebusinessmagazine.co.uk/corporate-finance/aston-martin-secures-1-15-billion-refinancing/